NEW YORK, June 14 - U.S. stocks dipped and gold surged on Friday at the conclusion of a week fraught with the apparent contradiction of cooling economic data and a hawkish Federal Reserve.
For the week, the S&P 500 and the Nasdaq are on track to advance, with the latter lining up its biggest weekly percentage gain since late April."There’s a lot of cross currents going on," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta."Are we worried about the economy and the Fed or are we taking a breather?"
The sting was soothed by a series of economic indicators, which showed inflation is cooling faster than analysts projected, which could convince the data-dependent Fed to reconsider the timing and number of cuts this year. European stocks extended their sell-off and were poised for a weekly loss as risk appetite was dampened by political uncertainties in France.
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